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Monday, December 26, 2016

Iran to allow some banks to trade currencies at the price of a free market, 26 DEC

 Iran to allow some banks to trade currencies at the price of a free market

(Reuters) - Iran's central bank said on Saturday allowed some banks to trade in foreign currencies, according to the price of a free market in the context of the authorities' attempt to unify the exchange rates.

Iran applied to the price of the first two free-market exchange rate, to reach 40,140 rials to the dollar on Saturday, an official and the other is used in some formal financial transactions and determined by the central bank at about 32,300 riyals.

In recent months, the central bank raised the official price gradually to reduce the gap between the two rates.

Iran's central and said he will unify the exchange rate in order to make the economy more efficient and create room for equality before the private companies that compete with government institutions to get a cheaper price exchange.

A statement by the central bank on its website Saturday that allowed some banks to trade in foreign currencies, according to the "price to be determined by agreement between the bank and the customer."

He said that the directive is aimed at "guiding trading in foreign exchange conducted by the individuals and entities to the banks and reduce the risks."
The rial has suffered during the years of economic sanctions, but the central bank seeks to minimize any sharp rise in the currency amid optimism about the lifting of sanctions after the nuclear deal with world powers in 2015.

http://elmashriqcentre.co.uk/a.....D8%AA/ 

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